Consumer spending makes up about two thirds of GDP, and Bank of America is doing its part to stimulate the economy—by paying people who make card purchases on the Internet.The bank has launched a web site that gives online banking users up to 20 percent cash back when making online purchases at more than 270 retailers, including Walmart, iTunes, BestBuy and Barnes & Noble. Called “Add it Up,” the site allows users to accrue cash when making debit or purchases, with the money going to an account of the user’s choosing. They can also keep track of earnings at the Add it Up site.The move’s just as much about driving traffic to BofA’s site as it is encouraging spending, but David Owen, a checking and debit exec for BofA, says it’s a way to allow consumes to stretch their money by getting cash back on purchases from hundreds of retailers they do business with regularly.
Access to authoritative analysis and perspective and our data-driven report series.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In
At more than 80 million strong, Millennials are the largest generation ever. They’re also the most diverse, most educated, comprise the largest segment of the American workforce, hold the most purchasing power, and are poised to inherit more wealth than any other generation.